The City of Hamilton is starting work to decide how much of a tax increase homeowners will have to pay next year, and Mayor Andrea Horwath is stressing the need to consider the very difficult economic times faced by residents.
While there are no guesses as to exact numbers at this point, Horwath delivered a directive to city staff on Monday on what they should be thinking about as the city puts together the 2025 budget.
“It is really imperative to set an overarching directive in this budget that it takes into consideration the economic challenges that residents are currently facing, and particularly the rising cost of living, and ongoing affordability crisis that we’re feeling in our city,” Horwath said.
She also says budget options must “balance the significant demands facing the city against property tax impacts on Hamiltonians.”
Additionally, Horwath is calling on staff to look for “new and expanded revenue streams.”
That could include things like parking fines or user fees.
The 2024 budget included an average property tax increase of 5.79 per cent, adding up to an average tax increase of $286 dollars per year.
Horwath has appointed Councillor Maureen Wilson as a budget committee chair.
The mayor says there should be an indication soon of a starting point for the discussion of how much property taxes will increase.
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